HomeMy WebLinkAboutItem #16 Approval to Request Authorization to Solicit Letters of Intent for Purchase of 105 acres of the Crown Point Property``%
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AGENDA ITEM COVER SHEET
Meeting Date: June 18, 2013
Item # I �0
Reviewed By:
Craig Shadrix,
Contact Name: Assistant City Manager Department Director:
Contact Number: (407)905 -3111 City Manager:
Subject: Request Authorization to Solicit Letters of Intent for the Purchase of 105 acres of the
Crown Point Property
Background Summary:
In 2006, the City of Ocoee solicited responses to a Request for Proposal (RFP) for purchase of select acreage
of the city -owned Crown Point Property (formerly known as the Coca Cola Property). The City selected a
proposal and was nearing completion of the sale when the economic downturn impacted the purchaser to the
extent that they were unable to close. Since that time, the City has entertained the idea of revisiting this
process, and the City retained a market consultant in 2008 who advised that the market was still not right for
optimal sale conditions. At the City Commission's request again in 2010, the City retained a true market expert,
Trammell Webb, who has served as a market monitor and advisor since that time.
Trammell Webb has advised that market conditions have improved to the point that the City should again
consider the sale of the property originally identified for sale in combination with the original 30 acre tract
designated on the Planned Unit Development (PUD) for a park. The City has recently received numerous offers
to purchase the original 75 acre tract intended for single family residential, as well as the land slated for a
community park. With the pending development of the Rogers property as a community level park, Trammell
Webb suggests that the City combine the designated 30 acre park tract with the 75 acre residential tract to
allow for sale of 105 acres as a single family residential development.
The City has seen dramatic increases in development of its existing approved subdivisions, as well as in the
adjacent areas of the County, including Horizon's West. The consultant suggests that the City solicit letters of
intent and that conditions be included that regulate the design given that the market now commands a higher -
end product. The Request for Letters of Intent will contain language that will make the homes competitive with
the current market and will enhance quality of surrounding development. Standards will include such items as
recessed garages and front porches on a minimum of 50 percent of the homes in the subdivision.
Issue:
Should the Honorable Mayor and City Commission authorize staff to solicit letters of intent for sale of
approximately 105 acres of the Crown Point Property?
Recommendations
Staff recommends that the Honorable Mayor and City Commission authorize staff to solicit letters of intent for
sale of approximately 105 acres of the Crown Point Property.
Attachments:
N/A
Financial Impact:
The sale of the property at current market rates would create a net revenue for the City of Ocoee.
Type of Item: (please mark with an 'V)
Public Hearing
Ordinance First Reading
Ordinance Second Reading
Resolution
Commission Approval
Discussion & Direction
Original Document/Contract Attached for Execution by City Clerk
Original Document/Contract Held by Department for Execution
Reviewed by City Attorney
Reviewed by Finance Dept.
Reviewed by Q
N/A
N/A
N/A
For Clerk's Dept Use:
Consent Agenda
Public Hearing
X Regular Agenda
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